The Nifty Top 10 Equal Weight index draws the 10 largest stocks from Nifty 50 index. These 10 stocks will lie in equal proportion in the new index.
Before the current bout of selling began, the Nifty50 gained 15 percent in three months despite cuts to earnings estimates
We advise investors to take the money out of risky asset classes and take a defensive stance over the next few weeks. The bear market in small-caps and mid-caps is just getting started, and the stocks falling under these categories will see major sell-offs until inflation fears subside
The global investment bank analysed the portfolios of 90 percent (by value) of the domestic equity funds to assess the impact.
India has a very clear reform agenda to address long-standing issues, particularly around infrastructure spending, he said.
Based on a Fibonacci retracement, major support at 9,979 level and immediate resistance level is placed at 10,191.
The trend reversal will be much stronger if the index decisively closes above 9,920. However, a breach of 9685 on closing basis could again fuel bearish sentiments which could push the index back towards 9638-9600 levels.
Strong Put base placed at 10000 strike remains crucial support which suggests Nifty to remain in the consolidation phase in the near term.
When a Spinning Top is formed in an uptrend, the one we are in right now, suggests that the buyers are losing conviction and a possible top could be in place, but will still require confirmation.
The June quarter earnings story does not offer confidence and the whole bull market scenario looks a bit shaky at current levels, given the fact that benchmark indices are already trading above their long-term averages.
In this pattern, there is small or no upper shadow and the index declines throughout the trading day which makes up for the large body and a small lower shadow.
Foreign institutional investors (FIIs) pared their equity holdings in frontline Indian companies during the December quarter, with market watchers blaming the trend on demonetisation.
Considering the strong gap up opening, now on the downside 6340 levels would act as an important support, till it sustains above these levels we may see Nifty heading towards 6600-6700 levels in short-term, says Ashish Chaturmohta.
Aashish Tater of Fortunewizard.com feels IFCI will get the banking license by either merging with LIC Housing or Tourism Finance. Indian Overseas Bank will be able to raise USD 500 mn through ECB for five and half years for expansions abroad, besides government money at Rs 78.56 coming in July, thus strengthening its balance sheet.
Index funds invest in a basket of stocks of an index (like Sensex, Nifty, Junior Nifty or even sectoral index such as Bankex and Infrastructure) in a similar manner that reflects the allocation of a benchmark index.
State-run Coal India will replace Anil Ambani Group firm Reliance Capital in the National Stock Exchange's Nifty index from October 10.